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r/ukpolitics
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643
Posted by
reverb in the echo-chamber
2 months ago

Nine million low and middle-income earners to be hit by £46bn 'stealth tax' after Chancellor fails to reverse four-year freeze on tax bands

117 comments
97% Upvoted
level 1
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level 1

When do the riots start?

169
level 2

As soon as the pound falls to 99 cents

109
level 1

Gotta fund the tax cut for the rich somehow, at least in part.

178
level 2
· 2 mo. ago · edited 2 mo. ago

Badenoch told me when i wrote to her over the NI rise that the rich dont have the money to raise the funds they need.

She said this whilst entirely ignoring an article I had linked her on a short term temporary scheme that would have covered the cost of covid easily

Her words:

Wealth taxes as some have suggested simply would not raise enough money. I should also stress how irresponsible it would have been to continue borrowing. I believe that this small contribution [NI rise] is a necessary and extraordinary one to tackle the pressures on our health and social care system following the pandemic.

A little amusing in light of this budget, isn't it.

29
level 1

It's the same Tory approach as used through all of austerity.

Nominal increases, but real terms drops. Just keep giving people "raises" and "increases" that are really cuts via inflation.

Dishonest bullshit time and time again.

105
level 2

And it works. Online discussion is awash with people baffled why someone would be upset about getting to keep more of their earnings.

8
level 1

Of course. Tax the poor, give to the rich. It's what Truss was voted in to do.

12
level 1
Op · 2 mo. ago
reverb in the echo-chamber

I was surprised this wasn't unfrozen, the personal allowance is currently at £12,570 and was frozen by Rishi Sunak in March 2021.

It would normally rise yearly with inflation and some years it would rise slightly above inflation, so you'd expect it to be around £13,800~ if it wasn't frozen, would be a big help to many people.

134
level 2

You were surprised? And I'm surprised anyone was surprised.

This is very tory. This is what they do.......

100
level 1

Of course he won't. That would help low earners too much, in their world those people need to earn very little to encourage them to try harder.

29
level 1

Grifter in chief fills rocket pack with pure evil and powers the Tory party’s corruption and treason to a viscosity of zero.

54
level 1

"Chooses not to". This wasn't a failure in Kwarteng's eyes.

6
level 1

Even my committed Tory-voting mother thinks it's ridiculous that they went for the cut at the top end rather than raising the threshold at the bottom end.

The Mail can praise the 'mini' budget all they like but even their readers are skeptical.

5
level 1

well that's whet you get for not having a balanced tax policy

or a coherent one

5
level 1

Well someone has got to pay for the increased defence budget and it's not the rich. They already pay enough tax. Now get back to work you fucking plebs.

4
level 1
· 2 mo. ago · edited 2 mo. ago

Tbh I believe income should not be taxed below 20k. With more tax bands added and National Insurance scarped to simplify and make the code fairer. Also sorting out taxes so the 60% tax rate doesn't happen

Eg. Something like (With NI scrapped) General structural idea numbers would need adjusting but should give an idea

  • 20-30k: 25%

  • 30-50k: 35%

  • 50-80k: 45%

  • 80-100k: 50%

  • 100-150k: 55%

  • 150k+: 60%

Edit: You own pay what you earn between each rate. Obviously the numbers aren't perfect its a rough outline

45
level 2
· 2 mo. ago · edited 2 mo. ago

I agree in general on the percentages, but I think all your numbers for thresholds should increase markedly.

Top rate should be for those on 500k+ right now. Not 100-125k, or even at 150k. Split out the top 0.1% and hit them harder marginally. You don't want to have your highest marginal rates fall on your top engineers and doctors, after all.

21
level 2

I think 20k was a Lib Dem pledge many years ago, it just makes sense to take some people out of tax altogether rather than taking it and then giving it back through tax credits.

27
level 2

With computerization why do we even need tax bands? Tax bands are inherently unfair. We could have a customized tax percentage for every income level and in my view it should be an exponential function getting steeper and steeper at the top.

14